Annual Report 2014

City of Surrey

Notes to the Consolidated Financial Statements For the year ended December 31, 2014 [tabular amounts in thousands of dollars]

17. Significant taxpayers

The City is not reliant upon the revenue from any specific large property taxpayers or businesses. Tax revenues received from the seven largest properties amount to less than three percent of the City’s annual gross taxation revenues.

18. Trust funds

These funds account for assets, which must be administered as directed by agreement or statute for certain beneficiaries. In accordance with PSAB recommendations on financial statement presentation for local governments, trust funds are not included in the City’s Consolidated Financial Statements. Amounts administered by the City as trust funds are as follows:

2014

2013

Assets Cash and short term investments

$ 3,171

$ 3,067

Cemetery Perpetual Care Fund

Employee Benefits Fund

Equity

2014

2013

$ 3,067

Balance, beginning of year

$

650

$

2,417

$ 2,957

82

Employment insurance rebate

82

-

85

122

Contributions

-

122

116

8

Interest revenue

8

-

10

(29)

Benefits purchased

(29)

-

(35)

(79)

Refunded to employees

(79)

-

(66)

$ 3,171

Balance, end of year

$

632

$

2,539

$ 3,067

19 Surrey Homelessness and Housing Society

On June 22, 2007, the City of Surrey incorporated the Surrey Homelessness and Housing Society. The purposes of the Society are to raise funds for financing programs and projects that address homelessness in Surrey; conduct and provide financial assistance to homelessness housing initiatives; manage the disbursements of grants for projects and programs that address homelessness in Surrey and act to raise funds for these purposes. As the City appoints the majority of members in the Society, who then appoint the Society’s Board, the City is considered to have control over the Society’s functions and the Society’s financial information is fully consolidated within the City’s financial statements.

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